On November 15, 2016 RC 10 members gathered for a luncheon and heard
After an enjoyable and delicious lunch, RC 10 members gathered in the conference room to listen to Mr. Keefe's views about the history, present health, and safety of the teachers retirement system.
According to Mr. Keefe, NYSTRS was funded and began in 1921. It was set up with a board of trustees that was apolitical, with no one on the board that is beholding to or appointed by a political figure. The board members were given the ultimate power to tax, so that the fund is not dependent on the State general budget. The board sets the rate that employers are going to pay. Since 1921, the fund has received the full rate for the teachers retirement system. 85% of the money that is in the fund comes from investments.
Mr. Keefe stated, "Fiscally and economically the NYSTR system is as safe and secure as anything that has been devised by man. Any concerns have to do with the political impact on the system.”
The political worry for the future is the call for a Constitutional Convention that will be voted on in 2017. When last asked in a poll, over 50% of respondents professed they did not know anything about the Constitutional Convention- however, when pressed- they said yes, they would want a Constitutional Convention. In addition, this year, the legislature sponsored a bill on pension forfeiture on high elected public officials who had been convicted of a crime and removed from office. Of course, it is very popular to take away the pension from people that violated their oath of office. However, should the legislature propose and pass this measure, there will be two questions on the ballot - the other being the Constitutional Convention. The popularity of the pension forfeiture may encourage voters to vote yes on the Constitutional Convention.
Mr. Keefe continued, "I believe that we will have as much fun in 2017 as we did in 2016 election. I don’t happen to believe that we need a constitutional convention to solve the state’s problem." Retirees and union members have much work to do to educate the public about the dangers of a Constitutional Convention.
To see the photo album from the luncheon, visit
http://rc10.ny.aft.org/rc-10-luncheon-november-15-2016.